Best Savings Accounts with Debit Cards 2024
In Singapore, many of us choose to place some of our cash in savings accounts as they allow us to deposit money and earn interest, typically at higher rates than a standard account. However, savings accounts differ widely between banks, with varying interest rates, minimum balances, and spending or transaction requirements.
Here’s a look at the available options and key tips to consider when choosing the best savings accounts with debit cards in Singapore.
Tips On Choosing The Right Savings Account with Debit Card
Attractive Interest Rates
It is essential to look for savings accounts that offer competitive interest rates, allowing you to maximise your returns. For example, the DBS Multiplier Account provides an opportunity to increase your interest rates by linking your credit card and meeting specific monthly requirements.
Another example would be the Standard Chartered Bonus Saver savings account which gives you a 1.40% p.a. bonus interest on your savings when you hit the minimum spending of $2,000 on your BonusSaver debit card.
Minimum Balance
Many accounts stipulate a minimum balance that you must maintain to avoid monthly maintenance fees or to qualify for certain interest rates. If your balance dips below this threshold, you might incur additional charges. The UOB Everyday Account, for instance, waives its monthly fees if you maintain a minimum balance of S$3,000. which could erode your savings over time.
The HSBC Everyday Global Account also stands out in this aspect because it has no minimum balance requirement. This feature makes the account particularly appealing to individuals who may not have large sums to deposit or those who prefer to keep their savings fluid for unexpected expenses.
Rewards Features
When choosing an account, consider the features of the debit card, such as cashback options, rewards programs, or contactless payment capabilities, which can be advantageous for regular shoppers. Accounts like the Standard Chartered Bonus Saver Account, DBS Multiplier Account and UOB Stash Account offer cashback on debit card purchases.
Complimentary Benefits
Some savings accounts come with additional perks like free ATM withdrawals abroad or insurance coverage. For instance, the Maybank Savings Account includes complimentary personal accident insurance, offering extra peace of mind.
Accessibility and Convenience
The debit card you choose should allow you to easily access your funds through ATM withdrawals and point-of-sale transactions, even when you’re overseas.
For example, when comparing the HSBC Everyday Global Debit Card and Trust Debit Card, the HSBC Everyday Global Debit Card offers more a extensive ATM network than the TRUST Debit Card due to HSBC's global presence, plus more robust mobile app more comprehensive online banking services and often more favourable rates for international use than the TRUST Debit Card.
Depending on what the key purpose of the debit card is for, the debit card you pick should probably suit your spending needs and preferences, i.e. for local spending, overseas use, etc.
Which Savings Account With Debit Card Suits You The Most?
| Best for | Savings account | Debit card | Interest rates (effective interest rates) |
|---|---|---|---|
| High spenders | Standard Chartered BonusSaver | Bonus$aver Debit Card | Up to 7.68% (on first $100,000, fulfil 5 criteria) |
| Those with other Citibank products | Citi Wealth First Account | Citibank Debit Mastercard | Up to 7.51% (on first $50,000-$150,000, fulfil 5 criteria) |
| Freelancers & self-employed | UOB Stash | UOB One Debit Card | Up to 5% (on first $150,000, fulfil 2 criteria) |
| Freelancers & self-employed | UOB One | UOB One Debit Card | Up to 4% (on first $150,000, fulfil 2 criteria) |
| Home, education, car loan users | Maybank Save Up |
| Up to 4.30% (on first S$50,000, fulfil 3 criteria) |
| Salaried workers | DBS Multiplier |
| Up to 4.10% (on first $50,000 – $100,000, fulfil 3 criteria) |
| HSBC Everyday+ Rewards Programme, HSBC Everyday Global Debit Card users | HSBC Everyday Global Account | HSBC Everyday Global Debit Card | Up to 4.30% (register and qualify for the HSBC Everyday+ Rewards Programme) |
| High spenders who spend on groceries and products at FairPrice Group | Savings Account by Trust | Trust Debit Card | Up to 3.50% (on first S$800,000, fulfil 4 criteria) |
Best Savings Accounts With Debit Cards
Standard Chartered Bonus$aver Account
- Base Interest Rate
- 0.05% p.a.
- Max. Interest Rate
- Up to 6.05% p.a.
- Min. Balance
- S$3,000
Citigold (Join and opt-in as an Accredited Investor)
- Base Interest Rate p.a.
- 0.01%
- Max. Interest Rate p.a.
- 7.51%
- Total Relationship Balance
- S$300,000
Get S$800 Cash via PayNow OR 11,250 SmartPoints when you start a Citigold relationship as an Accredited Investor, make a S$300,000 deposit within 3 months of account opening and maintain the funds until gift fulfilment. T&Cs apply. Use 11,250 SmartPoints to fully redeem a product from our Rewards Store.
HSBC Everyday Global Account (Personal Banking)
- Min. Annual Interest
- 0.05%
- Max. Annual Interest
- Up to 3.70%
- Min. Initial Deposit
- S$2,000
Get up to 4,775 SmartPoints or up to S$350 eCapita Vouchers when you apply, deposit a min. of S$100,000 of fresh funds and maintain for 3 months (or S$70,000 for lower tier), register for PayNow with your account, make 7 purchases on the debit card and complete the Risk Profiling Questionnaire! Note: Marketing consent and successful login to HSBC SG App required. T&Cs apply.
Plus, invest your fresh funds to receive S$750 cash for every $50,000 in Unit Trust (capped at S$15,000 cash rewards) whilst qualifying for 5.75% 2-month Time Deposits rate (capped at your investment amount). SMS INVEST50<Space>MS<Space>Full Name to 74722. A HSBC Personal Wealth Manager will be in touch to assist you. T&Cs apply. Find out how.
Frequently Asked Questions
Which savings accounts have the best interest rates in Singapore?
- As of 26 September 2024, the Standard Chartered BonusSaver, Citi Wealth First Account and UOB Stash Account offer debit card services and have the highest interest rates.
- Standard Chartered BonusSaver Interest Rate: Up to 7.68%
- Citi Wealth First Account Interest Rate: Up to 7.51%
- UOB Stash Account Interest Rate: Up to 5%
How do I choose the best debit cards?
- There are several factors to consider. The better debit cards will usually offer competitive interest rates, no minimum balance requirement, rewards features such as cashback options, rewards programs, or contactless payment capabilities, as well as the accessibility and convenience of transactions into your linked savings account.